Shift from production to market exchange reshapes economic theory landscape
The article discusses how different economic theories have shifted focus from understanding how things are produced to emphasizing market exchange and consumer choice. Early scholars like Adam Smith were interested in the organization of production and the division of labor, while modern theories prioritize market dynamics and subjective consumer value judgments. This shift has led to a reorientation in economic thought, with production being discussed within the context of market equilibrium rather than as a central aspect of the economy.